- Bitcoin maintains stability at $29,500, while investors wait for the next FOMC meeting.
- William Shatner releases an NFT collection and discusses the potential of crypto at CoinDesk’s Consensus 2023 conference.
Bitcoin Holds Steady Above $29K as Investors Look Toward Next FOMC Meeting
Bitcoin continues to remain steady at over $29,500, despite concerns over a renewed banking crisis and a sluggish U.S. economic growth rate. This stability has given investors confidence in cryptocurrencies and their ability to retain their value, even during uncertain times.
The largest cryptocurrency by market capitalization, Bitcoin has shown remarkable resilience to industry mishaps and macroeconomic uncertainties, indicating its potential as a safe-haven asset.
Bitcoin Price and Market Performance
The recent seesawing of Bitcoin prices and rumors of sales by the U.S. government and failed exchange Mt. Gox caused a mass liquidation of short and long positions. However, investors seem to have forgotten this volatility and are now more focused on the resilience of Bitcoin and other cryptocurrencies.
Bitcoin has been stubbornly resistant to industry setbacks since it spiked approximately 40% in January. Despite the challenges, the industry continues to demonstrate its strengths and comes out stronger, according to Michael Sonnenshein, CEO at crypto asset management company Grayscale Investments.
Investors are now looking ahead to next week’s Federal Open Market Committee (FOMC) interest rate decision. The CME FedWatch Tool shows an 87% probability of a third consecutive 25-basis point rate hike.
However, the U.S. central bank may be close to ending this type of monetary hawkishness as the economy is slowing down, inflation is temporarily accelerating, and the labor market is softening, according to Edward Moya, senior market analyst for foreign exchange market maker Oanda.
Despite these uncertainties, Bitcoin’s stability and the potential of NFTs are positive signs for the future of cryptocurrencies.
